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Fly News Breaks for May 2, 2018
WIRE
May 2, 2018 | 12:48 EDT
DA Davidson analyst Brent Thielman upgraded Encore Wire to Buy from Neutral with an unchanged price target of $54. The stock in midday trading is down 5%, or $2.80, to $49.50. Today's selloff following the Q1 shortfall is overdone as the miss was driven by short-term volume headwinds, Thielman tells investors in an intraday research note. He tells investors to buy on today's weakness, seeing a "solid" business with no debt. The analyst expects Encore's volumes to recover.
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